How to Buy When You’re Self-Employed
By Phil Slezak – Raleigh Real Estate Expert
If you're self-employed and dreaming of buying a home in Raleigh, you're in good company. I’ve worked with entrepreneurs, freelancers, and small business owners across the Triangle who are navigating the same path—building a business and trying to buy a home.
But let’s be honest: buying a house when you’re your own boss can be a bit trickier than it is for traditional W-2 employees. That said, it’s absolutely doable—you just need to be a little more prepared, a little more patient, and have the right guide in your corner.
1. Understand What Lenders Want
First things first: lenders love consistency. When you’re self-employed, they’ll want to see:
Two years of tax returns (personal and business)
Profit & loss statements
Bank statements
Proof that your income is stable and sufficient
Tip from me: avoid large write-offs in the years leading up to your purchase. The more you deduct, the lower your reported income—which could hurt your approval chances.
2. Strengthen Your Financial Profile
In today’s market, lenders are looking for low risk, especially with non-traditional income sources. Here's how to show them you’re a strong candidate:
Save for a bigger down payment (20% is ideal if possible)
Boost your credit score—aim for 700+
Pay down debt to improve your debt-to-income ratio
Keep your business and personal finances separate
I always tell my Raleigh buyers: the cleaner your finances, the stronger your mortgage application.
3. Consider a Mortgage Broker
Many traditional lenders shy away from self-employed borrowers due to the extra paperwork involved. That’s why working with a mortgage broker—someone who shops multiple lenders—can give you more options.
There are also programs in Raleigh and nationwide designed specifically for entrepreneurs, such as:
Bank statement loans (no tax returns required)
Non-QM loans
Self-employed-friendly FHA options
Need a lender who understands your situation? I’ve built relationships with some great ones here in the Triangle.
4. Plan Ahead and Be Patient
Buying a home when self-employed can take a little longer. Be ready for extra paperwork, extra questions, and a few extra hoops to jump through.
But don’t let that scare you—it just means starting early, getting organized, and partnering with a real estate agent who knows the process inside and out (yep, that’s me!).
5. Know What You Can Afford
One of the biggest mistakes I see with self-employed buyers in Raleigh? Not getting pre-approved early enough.
Before you fall in love with a house in North Hills, Apex, or Brier Creek, let’s get clear on what your numbers look like. I can connect you with mortgage pros who will review your income docs and give you a solid estimate, so you can shop with confidence.
6. Raleigh is Great for Entrepreneurs
One of the things I love most about working in Raleigh is how entrepreneur-friendly this city is. Whether you're a creative, contractor, or founder, you’ll find supportive communities and neighborhoods where your business—and your family—can grow.
From tech hubs in Downtown Raleigh to quiet, work-from-home-friendly neighborhoods in Cary or Holly Springs, we can find a place that works for both your personal and professional life.
How Phil Slezak Real Estate Can Help You
At Phil Slezak Real Estate, brokered by LPT Realty, we do more than just help you find a home—we make sure your entire moving process is stress-free and seamless. Whether you’re buying, selling, investing, or relocating, we have the resources, expertise, and connections to guide you every step of the way.
Why Work With Us?
✔ Exclusive Off-Market Listings – Get access to homes before they hit the market.
✔ Zero-Commission Selling Options – Save thousands when selling your home.
✔ Relocation Assistance – We connect you with the best movers in Raleigh for a smooth transition.
✔ Buyer Home Guarantee – If your home isn’t perfect, we’ll sell it for zero listing commission.
✔ Sold Zero Commission – Maximize your profits with no listing commission when selling your home.
✔ Cash Offers – Get 4 cash offers on your home in minutes
Conclusion:
Buying a home while self-employed in Raleigh might require a bit more documentation and planning, but it's entirely achievable with the right approach. By organizing your financials, maintaining clear income records, and working with a knowledgeable real estate agent and lender, you can navigate the process with confidence. Raleigh’s diverse neighborhoods and business-friendly atmosphere make it an ideal place for entrepreneurs to settle down.
📲 Want expert advice on your next move?
📞 Call or text me at +19196074844 or connect with me on social media. I help people just like you every week make smart real estate decisions let’s chat about yours!
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